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We're long

07 November 2016, EUR/USD

We're long
Wave Analysis:
Yesterday, The price of Euro rose up significantly and will likely continue to the upper side. As long as the level 1.1117 protects the lower side we expect a possible impulsive rally towards 1.1195 or even higher. With the level 1.1061 acting as the end of the corrective wave (4), we expect the current upward rally to be the continuation of the motive wave (5) and will likely break above 1.1195. As long as USD/CHF and USD/JPY remains bearish, we choose to remain bullish in Euro, these pair have a strong negative correlation to the latter pairs and will have an exact opposite price action during this intraday.

Trade Recommendations:

Remain long with an ideal target at 1.1195

Graham Osano
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